AXISCADES Technologies (532395) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 revenue reached a record INR 346.7 crore, while reported PAT was a loss of INR 14.8 crore amid divestment and transition costs.

• Strategy is shifting toward manufacturing, defence systems, XIDA and spacetech following engineering-services divestments.

Financial highlights

• Revenue was INR 346.7 crore, up 42.2% YoY and 27.0% QoQ; continuing revenue was INR 183.4 crore, up 94.2% YoY.

• Reported EBITDA was INR 27.9 crore versus INR 34.1 crore in Q1 FY26; normalized EBITDA was INR 41.0 crore at an 11.8% margin.

• Reported PBT was a loss of INR 11.9 crore and PAT a loss of INR 14.8 crore; normalized PBT was INR 23.1 crore and PAT INR 20.2 crore.

• Q1 included INR 21.81 crore of divestment costs, INR 9.62 crore of receivable provisions and INR 3.50 crore of hedge-unwinding costs.

Outlook and guidance

• FY27 guidance remains INR 1,377 crore revenue and INR 270 crore EBITDA on a pro forma annualized basis; PAT is expected to be broadly 50% of EBITDA.

• Aerospace manufacturing targets an annualized Q4 FY27 run rate of INR 375 crore revenue and INR 84 crore EBITDA, with a longer-term revenue ambition of INR 1,000 crore by FY29.

• Defence is expected to grow 35% in FY27, with management citing growth above 75% over the following years; XIDA targets growth above 100% in FY27.

• Divestment closings are expected in phases in Q2 and Q3 FY27; the XIDA business transfer is expected in Q2, with further acquisitions targeted for Q3 and Q4.